The ACA provides $3 million in grants – $1.5 million in the spring and $1.5 million in the fall – to the most qualified, innovative startups and early-stage companies. Recipients receive up to $250,000 each in capital to grow their businesses, advancing innovation and technology commercialization opportunities in Arizona.

“The ACA is committed to helping entrepreneurs grow their startups through valuable programs such as the Arizona Innovation Challenge,” said Sandra Watson, Arizona Commerce Authority President and CEO. “The success of early-stage ventures in high-growth industries leads to the creation of quality jobs and supports Arizona’s economic competitiveness.”

A panel of expert judges evaluated 131 applications for the Fall 2015 AIC submitted by companies based in Arizona, California, Ohio, Utah and Virginia. The judges assessed each application on a set of criteria including technology potential, marketing strategy, quality of management team and economic impact.

The Fall 2015 semifinalist companies represent the following high-value industry sectors by percentage:

IT – Software: 56%

Bio & Life Sciences: 20%

Cleantech/Renewable Energy: 8%

IT – Hardware 4%

Advanced Materials: 4%

Advanced Manufacturing: 4%

Aerospace & Defense: 4%

Every applying company that meets the AIC’s eligibility requirements will receive constructive feedback generated from the rigorous online evaluation and scoring process. All semifinalists also will be considered for participation in Venture Ready, the ACA’s mentor program that connects early stage companies with high-level CEOs to further refine business plans and investor pitches.

The ACA will name its Fall 2015 Arizona Innovation Challenge finalists in mid-December, 2015 and the winners later that same month.

The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visitazcommerce.comand follow the ACA on Twitter at@azcommerce.